We present a theoretical study of the effects of diffusion, generation-recombination (GR), and the recently observed tunneling currents on the performance of photodiodes made from In
0.73Ga
0.27As
0.63P
0.37and In
0.53Ga
0.47As. Calculations are made for both p+ν and p-i-n punch-through diode configurations, and are compared with recent measurements made by several independent investigators. For doping densities typical of present material (

cm
-3), tunneling currents become dominant prior to avalanche breakdown. Thus, for detection of weak (-55 dBm at 45 Mbits/s) optical signals, the diodes must be operated at low voltages where GR is the dominant source of reverse-biased leakage. To meet the requirements of low capacitance (

pF for a diode area of 10
-4cm
2) and low GR dominated dark current (

nA at

C), the doping density and effective carrier lifetime (τ
eff) must be

cm
-3and

ns for In
0.73Ga
0.27As
0.63P
0.37and

cm
-3and

s for In
0.53Ga
0.47As.